On 21 April 2015, the Hungarian government announced plans to reduce the personal income tax rate from 16% to 15% as part of the 2016 Budget. The government also plans to reduce the VAT rate on pork from 21% to 5%, and reduce fees and duties payable for several public utilities provided by state operators. As previously announced the bank tax rate will be reduced from 0.53% of the balance sheet total to 0.31% in 2016 and further reduced to 0.21% in 2017.
Although not covered in the announcem…